Ask yourself this question: how much do you truly know about finance, in general? Yes, you may be able to save money effectively and you understand the importance of making frugal purchases so that your bank account doesn't take a tremendous brunt. However, if you were quizzed on a number of financial topics, how well do you think you'd do compared to other people? Here are a couple of shockingly knowledgeable tips that Bobby Jain could bring to your attention and they may just open a few eyes.
Wales Online posted an article about a series of questions on a GCSE standard. For those who do not know, this stands for the General Certification of Secondary Education, which is an award given to students between the ages of 14 and 16 who passed secondary education in Ireland and Wales. To put it simply, in theory, those who are above these ages should know the answers to GCSE-standard questions given to them, right? Shouldn't adults understand the questions that those who are much younger are able solve?
The report also detailed that 2,000 adults were given these types of questions by the Open University Business School. The questions themselves required adults to figure out which savings accounts paid what, the levels of income tax associated with said accounts, and others. After all seven multiple choice answers were accounted for, it was seen that around 41% of these adults could not actually come up with the right answers. It's a point that many financial authorities, Bob Jain included, should make it a point to focus on.
It goes without saying that finance is a crucial topic for many adults, so the fact that certain questions couldn't be answered is concerning, to say the least. Teenagers can answer these types of questions correctly, so what does it say when adults struggle to answer these queries that are on a GSCE level? On one hand, it's pretty comforting, since Bobby Jain can rationalize that teenagers are becoming more knowledgeable on a topic that will matter tremendously later on. However, according to names the likes of Jain, many adults should be more knowledgeable about this.
It's fortunate that there are financial experts that have the ability to help various clients. However, what can adults do in order to better understand finance so that they do not have to be totally apprehensive about what they have, what they owe, or what have you? Perhaps classes can be taken in order to help people brush up on these topics. Whatever the case may be, it's clear that more should be done so that all parties have a clearer understanding of where they stand.
Wales Online posted an article about a series of questions on a GCSE standard. For those who do not know, this stands for the General Certification of Secondary Education, which is an award given to students between the ages of 14 and 16 who passed secondary education in Ireland and Wales. To put it simply, in theory, those who are above these ages should know the answers to GCSE-standard questions given to them, right? Shouldn't adults understand the questions that those who are much younger are able solve?
The report also detailed that 2,000 adults were given these types of questions by the Open University Business School. The questions themselves required adults to figure out which savings accounts paid what, the levels of income tax associated with said accounts, and others. After all seven multiple choice answers were accounted for, it was seen that around 41% of these adults could not actually come up with the right answers. It's a point that many financial authorities, Bob Jain included, should make it a point to focus on.
It goes without saying that finance is a crucial topic for many adults, so the fact that certain questions couldn't be answered is concerning, to say the least. Teenagers can answer these types of questions correctly, so what does it say when adults struggle to answer these queries that are on a GSCE level? On one hand, it's pretty comforting, since Bobby Jain can rationalize that teenagers are becoming more knowledgeable on a topic that will matter tremendously later on. However, according to names the likes of Jain, many adults should be more knowledgeable about this.
It's fortunate that there are financial experts that have the ability to help various clients. However, what can adults do in order to better understand finance so that they do not have to be totally apprehensive about what they have, what they owe, or what have you? Perhaps classes can be taken in order to help people brush up on these topics. Whatever the case may be, it's clear that more should be done so that all parties have a clearer understanding of where they stand.
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